What does Britain actually export?

[allegretto]

I thought that our main revenue came now from service industries/the financial sector these days. As these (especially the latter) are going to be severely cut back when we are not in the EU. What actually is our trade going to be?

[howabout]

According to the man from the City on Sky 80% of UK economy is domestic. Of the exporting 20% over half is non-EU and will benefit from a falling £ with no change in trade terms. Should be easier to negotiate better trade terms in Japan and the US for whisky now that the EU wine industry can be disentangled from the negotiation.

[PattyPenguin]

Puzzled, the UK's exports to the EU make up 13% of our GDP, but the EU’s exports to Britain are only 3% of its GDP.

So I'm not sure we're in as strong a position as you believe.

[Puzzledandpissedoff]

You could well be right Patty, but however you count it that's still a hell of a lot of jobs which depend on them exporting to us

No doubt it will all become clearer when the negotiations start ...

[purits]

I was being sarcastic luna. There is no reason for freedom of movement to be part of trade agreements.

If you buy the same swanky sofa from Denmark or Greece, you don't pay import duty or VAT as we are in the same Common Market area.

Untrue. You still pay VAT.

[ThanksForAllTheFish]

I don't think Scottish exports should be a strong consideration when looking at the future of the UK economy at the moment.

There is a strong possibility that Scotland will leave the UK within the next two years. That's not to say it's guaranteed to happen but it is a possibility and one that should be considered. I think anyone assessing the future of the economy in England out of the EU should do thier calculations both with and without Scotland to get a picture of where they will stand.

I think the best hope for a lot of people will be for Scotland to remain in both the EU and the U.K. whilst keeping the pound. This will strengthen the pound and be better overall for England, Wales and NI. However going by the past I fear Westminster will throw their toys out the pram with regards to the pound and Scotland will join the Euro further weakening the pound. I'm sure the leavers will be along in a minute to shoot me down and tell me all about how England doesn't needs Scotland and that we cost them money.

[howabout]

Sounds like luna is making a pretty sound argument for an increase in the UK manufacture of swanky sofas which is all to the good.

Patty I think the 20% drop in EU GDP and 15% drop in EU budget caused by Brexit is probably concentrating minds rather more than 3% GDP in exports to the UK but I still suspect that the trade deficit with the UK is a significant bargaining position in the UK's favour.

[ManonLescaut]

Fuck all is the short answer.

Which is partly why the financial crisis hit us harder than France and Germany who have smaller financial sectors and larger manufacturing industries. We just don't export enough.

The manufacturing industry was wound down by the Tories in the 80s who favoured building the financial sector instead.

[PattyPenguin]

Patty I think the 20% drop in EU GDP and 15% drop in EU budget caused by Brexit is probably concentrating minds rather more than 3% GDP in exports to the UK but I still suspect that the trade deficit with the UK is a significant bargaining position in the UK's favour.

They're going to lose the contributions to GDP and the budget anyway, as we're leaving. That's a done deal. These things will not factor in the negotiations.

What will be discussed is how we will trade with the EU, whether there will be any tariffs on either side. If there are, how much they will be and if not, what the UK will have to concede in order for there to be a tariff-free trade.

One thing the EU will not concede is freedom of movement. No freedom of movement, no tariff-free trade.

[Dacc]

The job cuts in banking have already started

No they haven't.

[Dacc]

Will you people catch yourselves on.

We're the WORLD'S 5th largest economy.

You don't get to be that high in the rankings by exporting "fuck all"

[lljkk]

6th largest, Dacc. Leapfrogged by France. 6th

[AnyFucker]

We have dropped a place since Thursday

[allegretto]

Dacc - but if that's largely based on the financial sector then it won't last long will it?

[Dacc]

but if that's largely based on the financial sector then it won't last long will it?

Only if you believe that the entire financial industry is going to upsticks and move to fucking Frankfurt.

Look, it just won't happen.

[allegretto]

Not all of it maybe but all of the major banks said they would cut jobs in the event of brexit. www.bbc.com/news/business-36629745

[sorenofthejnaii]

We're the WORLD'S 5th largest economy

Is that short for We are or We were ?

I think we've shrunk over the last few days.

atlas.media.mit.edu/en/profile/country/gbr/

[LaurieMarlow]

We're a service economy. 80% of GDP coming from this.

We don't manufacture very much at all.

[CrossfireHurricane]

Our company manufacturers and exports throughout the world and we know many other small companies that do.
Big industry has somewhat disappeared but there are lots of micro SME's out there trading away week in and week out.
You probably drive past a few on your way to work each day

[ThanksForAllTheFish]

Dacc

link to Financial Times

The physical jobs haven't gone yet but the banks have started the process. We are talking job mass losses within months not years.

Also this is really worrying . Barclays and RBS had to stop trading today due to shares dropping so low. We are heading for a serious reccesion. It's not just a case of the pound will stabilise, the markets are crashing and it is because of brexit.

[ofshoes]

I always thought the main export was football hooligans no?

[ThanksForAllTheFish]

• mass job losses not - job mass losses

[Dacc]

I always thought the main export was football hooligans no

Sterotypically racist things to say.

[ofshoes]

I like how you've picked up on my stupid flippant comment but ignored everyone showing just how wrong you are about the reality of the economic situation Dacc

[Dacc]

What people have to understand is that there are more important things than capitalism although I can forgive you for thinking that's all that counts.

[Madbengalmum]

Lots of machine tools, components for the car industry, lots of Jaguar Land Rover product,jags,range rovers etc.
Machinery, jet engines, trains, and they should be currently making the most of the softening of the pound. Which is fantastic news for uk export business.